金吾财讯 | 交银国际表示，6月车市延续向好态势，6月全国乘用车市场零售208.4万辆，同/环比+18.1%/+7.6%；今年上半年乘用车零售累计1,090.1万辆，同比+10.8%。新能源乘用车延续增势， 2025年上半年新能源渗透率达到50.1%；其中6月新能源车零售销量111.1万辆(同/环比+29.7%/+8.2%)，新能源渗透率53.3%，环比+0.4个百分点，达年内新高。乘用车出口放缓，上半年乘用车出口248万辆，同比+6.8%。新能源车出口维持较好增势，6月新能源车占出口总量的41.1%，较同期增加17个百分点。该机构指，近日部分城市宣布暂停汽车置换更新补贴申请，新一波资金的批转仍需一定时间，消费者观望情绪提升。考虑到去年7月在以旧换新助力下车市逐步恢复，高基数下该机构预计7月车市增长平稳。7月多款新车上市将进一步丰富市场供给，包括小鹏G7，乐道L90、理想i8、以及比亚迪海狮 06。建议关注：比亚迪(01211/买入)智驾+出口 ；小鹏汽车(09868/XPEV US/买入)M03 MAX /G7/增程车型陆续上市带动销量和毛利率提升；吉利汽车(00175/买入)私有化极氪后推动内部资源整合。
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